FTSE 100, DAX and S&P 500 all fight to hold support

Indices have managed to contain their losses above recent support, but there is no sign of a recovery in play.

FTSE 100 looks to hold 5000

The FTSE 100 losses have been contained around 5000 since Monday, with dips to this level finding support for the time being.

However, rallies towards 5400 over the past 24 hours have run into resistance. The overall trend is still down, therefore, trying to buy dips is likely to be only a short-term view. So far, there is no sign of the index beginning to build higher highs and higher lows.

DAX finds a floor at 8400

The DAX is fighting to hold support as well, having found a low for now above 8400.

A break below here would likely result in more dramatic downside, but for now the decline has morphed into a sideways movement. Since the opening gap at the beginning of the week gains have been contained by the 9160 area, so a move above this is needed, and as with the FTSE 100 we have yet to see the higher highs and higher lows that characterise even a short-term uptrend

S&P 500 fights to hold 2400

For the S&P 500, 2400 is the floor for now. Dips into here have found support, but the gap down on Monday remains the ceiling, with a bounce yesterday to 2550 running into resistance.

A break below 2400 revives the downtrend, which remains in effect, while a move above 2600 might begin to signal a more bullish short-term view.

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